Transportation Minister Yisrael Katz has instructed his office to renew naval activity within two years.
The plan for the port includes extending its depth, laying wharfs and rebuilding the entrance to accommodate 100 large yachts measuring up to 32 feet. Particularly large ships will be able to dock outside the port.
The Tel Aviv district currently has two active marinas, one at the Jaffa Port and one in Herzliya.
Officially opened in 1938, the original Tel Aviv Port was closed in 1965 following the opening of the Ashdod Port in southern Israel.
About 10 years ago, the port was converted into a recreation and culture area and today it is home to more than 60 businesses in the food, fashion, health and communication industries, as well as banquet halls and clubs. A large hotel and supermarket are also planned in the area.